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President Donald Trump announced tariffs on $ 200 billion worth of Chinese imports Monday, prompting Beijing to impose retaliatory taxes on $ 60 billion worth of American imports. The two countries had already placed tariffs on $ 50 billion worth of each other’s products.
The move was part of a broader effort by the Trump administration, which has also imposed duties on Canada, Mexico, and the European Union, to reform trade practices perceived as unfair. In a statement, Trump asserted tariffs will ultimately help protect Americans from Chinese actions that “plainly constitute a grave threat to the long-term health and prosperity of the United States economy.”
But many economists and public officials warn import taxes will cause financial strain for American companies and consumers, pushing up costs and reducing access to foreign markets. The US Chamber of Commerce, a private lobbying group, said in a report that 14 states could suffer “extremely significant damage” after the latest round of tariffs. Here are their results, drawn from US Department of Commerce data.
Hawaii
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Total exports threatened by trade war: $ 94 million
Total exports to China targeted by retaliatory tariffs: $ 93 million (98.9%)
Total jobs supported by global trade: 205,800
3 hardest hit exports to China: Petroleum oil, hydrocarbon mixtures, light oils
South Dakota
AP Photo/Regina Garcia Cano
Total exports threatened by trade war: $ 129 million
Total exports to China targeted by retaliatory tariffs: $ 14 million (10.9%)
Total jobs supported by global trade: 130,000
3 hardest hit exports to China: Whey, offal, milk and cream
Idaho
AP Photo/Charlie Litchfield
Total exports threatened by trade war: $ 192 million
Total exports to China targeted by retaliatory tariffs: $ 43 million (22.4%)
Total jobs supported by global trade: 202,200
3 hardest hit exports to China: Whey, peas, products of natural milk constituents
See the rest of the story at Business Insider
See Also:
- BANK OF AMERICA: Here’s how to protect yourself from getting blindsided by the outcome of Trump’s trade war that many aren’t prepared for
- ‘There is an obsession by the president on trade about cars’: The French ambassador to the US says the auto sector is make-or-break for a possible trade war with Europe
- China hits back at Trump with tariffs on $ 60 billion of US goods
